The JSE Securities Exchange South Africa was unable to shake off the weakness which emerged at the opening on Wednesday and was stuck in the red at noon. Dealers said the market was taking its cue from gloomier international markets, with an uninspiring close in the US, the Nikkei ended softer and European
markets are currently under pressure.
At 1200 the all share index was 0,52% weaker, the all share index was 0,51% lower, the financial index has slipped 0,44%, the resources index was 0,56% in the red, the platinum index was 1,06% down and the banks index had shed 0,82%. The gold index, however, was 0,49% stronger.
The rand was trading at 6,91 to the dollar from 6,92 when the JSE closed on Tuesday, while gold was quoted at $382,05 an ounce from $377,60/oz at the JSE’s last close. Platinum was quoted at $755,50/oz from $747,50/oz at the previous close.
“Pressured global equities, coupled with the slight pick up in the rand, have provided sufficient incentive to investors to take profits. Gold stocks have ticked up a tad on the overnight rise in the bullion price, and although the platinum price has staged something of a recovery, investors appear to be taking a cautious approach on the equities front,” a dealer commented.
Losses in resources heavyweights Anglo American and BHP Billiton dragged on the all share index, with Anglo shedding 45 cents to R143,95 and BHP Billiton losing 1,55% or 85 cents to R54,00.
Telecommunications group MTN Group also continued to lose ground, falling 1,94% or 50 cents to R25,25, while Telkom was 2,48% or R1,35 softer at R53,00.
Other big losers on the day included Richemont, which slipped 9 cents to R15,20, and Sasol, which was 60 cents lower at R93,40.
Impala gave back 1,17% or R7,00 to R589,00 and AngloPlat was 1,01% or R2,90 lower at R284,00.
Iscor lost 4,31% or 99 cents to R22,00, Standard Bank declined 1,03% or 35 cents to R33,75 and Absa was 1,13% or 45 cents in the red at R39,25.
Gold stocks dominated the limited upside of the market, with Gold Fields adding 56 cents to R91,55 and AngloGold was R2,05 higher at R274,00.
Metcash picked up 2,29% or 5 cents to R2,23, while Old Mutual was a mere 2 cents stronger at R11,86. – I-Net Bridge